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[deleted] t1_itlwub1 wrote

Reply to comment by KaiDaiz in Where Are the Free Housing Attorneys NYC Promised to Tenants Facing Eviction? - Hell Gate by LittleWind_

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KaiDaiz t1_itlz4f3 wrote

IBR wont be that low unless they doing min wage job and expecting no wage increase entire 10 yrs. Use this calculator. Say 60k job with some growth single with 220k student loan. Look how under IBR the balance paid in the 10 yrs already exceeds the principle.

https://studentloanhero.com/calculators/student-loan-income-based-repayment-calculator/

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[deleted] t1_itm03rw wrote

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KaiDaiz t1_itm1555 wrote

Fine didn't notice the 25 yr calculations from that calculator. Regardless wont be 200-250 a month as you state. Using avg public defender salary in nyc of 80k and your 220k debt in this calculator.

https://www.studentloanplanner.com/public-service-loan-forgiveness-pslf-calculator/

So to save 225k -still a lot of checks you have to meet and what ifs to successfully last the entire 10 yrs for loan to be forgiven. Congress can easily can program if they want during budget negotiations. Which did came up during last tax cut debate. You want to hinge all that uncertainty by working at a job that offer less pay, limited networking, limited options of switching jobs and career opportunity for 10 yrs?

Especially the early years of career that will define your earning potential for rest of career. Factor all that, saving that 225k not worth it for many.

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mrpotatoe3044 t1_itm3b8d wrote

Any "canning" can't be retroactive since PSLF is literally written in the promissory note of these loans.

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KaiDaiz t1_itm412n wrote

Still a lot of uncertainty and career tradeoffs ...can easily see why ppl don't see PSLF that compelling.

If you dead set on being a public defender or working for employer that qualifies for 10 yr go ahead. Not many be willing to work with that limitation.

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mrpotatoe3044 t1_itm4n57 wrote

For sure that's a genuine con of PSLF, you have to be public interest for at least 10 years, just not the possibility of PSLF getting scrapped midway through- they'd have to be grandfathered in still.

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